The big news in the Bitcoin world, is that one entity, called GHash, seems to be in control of more than half of all of the mining power. A part of Bitcoin’s appeal has been its distributed nature: the idea that no one party is in control but the system operates through the cooperative action of a large community. The worry now is that GHash has too much power and that this could destabilize the Bitcoin system. Today I want to explain what has happened, why it provokes worry, and how I see the situation.[Read more...]

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